Okla. Stat. tit. 12A, § 12A-1-9-621
This is the official text of Okla. Stat. tit. 12A, § 12A-1-9-621, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Notification of proposal to accept collateral
Official statutory text
NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL
(a) A secured party that desires to accept collateral in full
or partial satisfaction of the obligation it secures shall send its
proposal to:
(1) any person from which the secured party has received,
before the debtor consented to the acceptance, a signed notification
of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten (10) days
before the debtor consented to the acceptance, held a security
interest in or other lien on the collateral perfected by the filing
of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date;
and
(C) was filed in the office or offices in which a
financing statement against the debtor covering the
collateral as of that date would have been filed; and
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 155
(3) any other secured party that, ten (10) days before the
debtor consented to the acceptance, held a security interest in the
collateral perfected by compliance with a statute, regulation, or
treaty described in subsection (a) of Section 1-9-311 of this title.
(b) A secured party that desires to accept collateral in
partial satisfaction of the obligation it secures shall send its
proposal to any secondary obligor in addition to the persons
described in subsection (a) of this section.
(a) A secured party that desires to accept collateral in full
or partial satisfaction of the obligation it secures shall send its
proposal to:
(1) any person from which the secured party has received,
before the debtor consented to the acceptance, a signed notification
of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten (10) days
before the debtor consented to the acceptance, held a security
interest in or other lien on the collateral perfected by the filing
of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date;
and
(C) was filed in the office or offices in which a
financing statement against the debtor covering the
collateral as of that date would have been filed; and
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 155
(3) any other secured party that, ten (10) days before the
debtor consented to the acceptance, held a security interest in the
collateral perfected by compliance with a statute, regulation, or
treaty described in subsection (a) of Section 1-9-311 of this title.
(b) A secured party that desires to accept collateral in
partial satisfaction of the obligation it secures shall send its
proposal to any secondary obligor in addition to the persons
described in subsection (a) of this section.
Status: in_force · Read it on the official government site
Need a lawyer in Oklahoma?
Find a Oklahoma lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.